Advanced Photonix Posts First Profitable Year

Advanced Photonix in Camarillo reported record profitability for the third consecutive quarter and its first-ever profitable fiscal year.

For the fourth quarter, revenues were $2.05 million, or 42% higher than the $1.45 million reported in the fourth quarter of the prior year. The company reported a net profit of $102,000 or 1 cent per share, compared with a net loss of $593,000 or 5 cents per share in last year's fourth quarter.

Revenues for the 12 months ended March 29 were $7.01 million, or 10% higher than the $6.38 million reported in the previous year. Net profit for the year was $10,000, with the price per share unchanged, compared with a net loss of $1.89 million or 17 cents per share a year earlier.

"This quarter's performance caps a year in which we continued to execute well in many key areas of our business," said Harry Melkonian, president and chief executive. "Our financial position is strong and the outlook for overall demand in the optoelectronic industry remains very healthy."

Advanced Photonix is a high-technology company that designs and manufactures silicon photodetectors and optoelectronic hybrid assemblies. The company's products are being tested in a number of customer sites, including airline ice detection systems, film-to-video conversion equipment, process inspection applications, wide-field retinal visualization instruments and advanced scientific research experiments.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World